Marty Whitman – Third Avenue Management Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Third Avenue Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 13, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q2 2025, the filing reported:

New Buys – Cantaloupe, Inc. (CTLP), Champion Homes, Inc. (SKY), Visteon Corporation (VC)

Increases – Ambac Financial Group, Inc. (AMBC), Tidewater Inc. (TDW), OceanFirst Financial Corp. (OCFC), PulteGroup, Inc. (PHM), Warrior Met Coal, Inc. (HCC), and 8 more

Reductions – UMB Financial Corporation (UMBF), Jones Lang LaSalle Incorporated (JLL), Seaboard Corporation (SEB), Rayonier Inc. REIT (RYN), CBRE Group Inc (CBRE), and 14 more

Complete Exits – U-Haul Holding Company (UHAL), Green Brick Partners, Inc. (GRBK), Stewart Information Services Co (STC), PotlatchDeltic Corporation - Co (PCH), Corporacion Inmobiliaria Vesta, (VTMX), and 7 more

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Third Avenue Management Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q4 2016Dec 31, 2016	TPHS Trinity Place Holdings Inc.	Trinity Place Holdings Inc.	Buy	+4,206,285+33044.9%	$39.11K	4,219,014
Q4 2016Dec 31, 2016	LEN Lennar Corporation	Lennar Corporation	Buy	+1,967,747+199.9%	$126.73K	2,951,947
Q4 2016Dec 31, 2016	LIVN LivaNova	LivaNova	Buy	+181,929+54.5%	$23.19K	515,777
Q4 2016Dec 31, 2016	TNET TriNet Group, Inc.	TriNet Group, Inc.	Buy - Position Entry	+128,600	$3.29K	128,600
Q4 2016Dec 31, 2016	KFY Korn Ferry	Korn Ferry	Buy - Position Entry	+125,500	$3.69K	125,500
Q4 2016Dec 31, 2016	NX Quanex Building Products Corpor	Quanex Building Products Corpor	Buy - Position Entry	+78,300	$1.59K	78,300
Q4 2016Dec 31, 2016	AMGN Amgen Inc.	Amgen Inc.	Buy	+76,036+56.6%	$30.74K	210,262
Q4 2016Dec 31, 2016	MAS Masco Corporation	Masco Corporation	Buy	+64,969+8.2%	$26.96K	852,594
Q4 2016Dec 31, 2016	WKC World Kinect Corporation	World Kinect Corporation	Buy	+16,340+12.1%	$6.93K	151,019
Q4 2016Dec 31, 2016	SYNA Synaptics Incorporated	Synaptics Incorporated	Buy - Position Entry	+15,800	$847.00	15,800
Q4 2016Dec 31, 2016	G Genpact	Genpact	Buy	+13,470+6.5%	$5.39K	221,666
Q4 2016Dec 31, 2016	LEN-B Lennar Corporation	Lennar Corporation	Buy - Position Entry	+11,356	$392.00	11,356
Q4 2016Dec 31, 2016	JCI Johnson Controls International	Johnson Controls International	Buy	+9,981+1.4%	$29.48K	715,724
Q4 2016Dec 31, 2016	CBSH Commerce Bancshares, Inc.	Commerce Bancshares, Inc.	Buy	+8,168+4.6%	$10.71K	185,306
Q4 2016Dec 31, 2016	KALU Kaiser Aluminum Corporation	Kaiser Aluminum Corporation	Buy	+3,373+6.8%	$4.10K	52,778
Q4 2016Dec 31, 2016	SEB Seaboard Corporation	Seaboard Corporation	Sell	-3-0.3%	$3.70K	937
Q4 2016Dec 31, 2016	TFX Teleflex Incorporated	Teleflex Incorporated	Sell	-95-0.4%	$3.71K	23,007
Q4 2016Dec 31, 2016	MTN Vail Resorts, Inc.	Vail Resorts, Inc.	Sell	-109-0.4%	$4.35K	26,939
Q4 2016Dec 31, 2016	ANIP ANI Pharmaceuticals, Inc.	ANI Pharmaceuticals, Inc.	Sell	-120-0.2%	$3.03K	49,933
Q4 2016Dec 31, 2016	SKT Tanger Inc.	Tanger Inc.	Sell	-155-0.4%	$1.34K	37,519
Q4 2016Dec 31, 2016	CSGS CSG Systems International, Inc.	CSG Systems International, Inc.	Sell	-269-0.4%	$3.25K	67,198
Q4 2016Dec 31, 2016	PDCO Patterson Companies, Inc.	Patterson Companies, Inc.	Sell	-316-0.4%	$3.09K	75,400
Q4 2016Dec 31, 2016	CFR Cullen/Frost Bankers, Inc.	Cullen/Frost Bankers, Inc.	Sell	-323-0.4%	$7.24K	82,000
Q4 2016Dec 31, 2016	PB Prosperity Bancshares, Inc.	Prosperity Bancshares, Inc.	Sell	-399-0.4%	$7.32K	101,963
Q4 2016Dec 31, 2016	B Barnes Group, Inc.	Barnes Group, Inc.	Sell	-421-0.4%	$4.94K	104,200
Q4 2016Dec 31, 2016	PRGS Progress Software Corporation	Progress Software Corporation	Sell	-461-0.4%	$3.59K	112,355
Q4 2016Dec 31, 2016	ALCO Alico, Inc.	Alico, Inc.	Sell	-506-0.4%	$3.51K	129,227
Q4 2016Dec 31, 2016	GIII G-III Apparel Group, LTD.	G-III Apparel Group, LTD.	Sell	-617-0.4%	$4.21K	142,601
Q4 2016Dec 31, 2016	TTEK Tetra Tech, Inc.	Tetra Tech, Inc.	Sell	-647-0.4%	$6.44K	149,244
Q4 2016Dec 31, 2016	VMI Valmont Industries, Inc.	Valmont Industries, Inc.	Sell	-670-28.3%	$239.00	1,699

Page 46 of 79 • 2341 total trades

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